Credit Card Bait & Switch

Everyone should watch the documentary "Maxed Out," about how credit card companies manipulate everything. Pretty scary.

 

I thought I heard something on the news about the government cracking down against credit card companies taking advantage of customers in situations like this. Maybe I dreamt it. That's shitty either way. I guess the rest of us on here have now learned, if it seems too good to be true it is. Don't play around with credit card companies. They will fuck you.

 

There is a new law about that but it doesn't go into effect until mid-2010. So the banks are getting their licks in while they can.

 

It is truly unbelievable the stuff they pull sometimes. I've been tempted to take my business elsewhere a few times, but if I was in this situation, there's no doubt I would. I've had some very minor mistakes in the past that have cost me a lot more than they should have, but to do everything right and still get screwed? Unreal.

 

One thing I've learned: Have a good credit score and at least two credit cards. When one bank tries to screw with you, you might be amazed how quickly they'll try to get back into your good graces when you tell them you don't need them.

About this time last year, a card I've had since graduating college decided to try and start charging me an annual fee of $29. Why? Because on the particular day in December when they sent me a statement, I had no balance on the card. They gave me some BS about how if I'm not using the card, then they need to charge me the fee to encourage me to use it. Funny thing was, the balance was zero because the month before I had finally paid off a medical bill I put on it.

When I called that bank and, after some chatting, explained to them that I would be closing my account because I have three other cards -- none of which charge me annual fees -- the next thing I knew, I not only had said fee waived but a platinum version of the card was on its way.

Zero balance this December = no fee. It was nice to see they remembered.

My dad has had similar discussions with his credit card issuers. At one point, I think he was paying less than one-percent interest on his Discover card because they didn't want him to close his account.

 

After some misfortune and bad decision-making, I found myself with a lot of credit card debt. I worked hard to pay off all the cards, and I closed all of the accounts.

Ah, but I still get statements every month. Why? Because, as each of the banks has explained to me, there are still charges that "could slip through." Huh? How can a closed account be charged? Wouldn't someone need to get an approval? No, I'm told. This strikes me as utter bullshit, but I'm told there's nothing I can do about it. The accounts are closed, yet still susceptible to receiving charges. Explain that one to me.

And I echo every bad thing everyone else has said about these bastards.

 

Credit card companies are dirty, but I've been fortunate enough to pay off my credit cards every month, in full. In six years, they have not made one fucking cent off of me, and for that I'm glad.

I do sympathize with those not so fortunate. Work hard to scrub that scum off your hands as soon as possible.

 

I figure any time I get one of those small pamphlets with the fine print I'm getting screwed. It really is a rip-off, but I figure they're doing what they think needs doing. It's only going to get worse with fewer banks, ergo, fewer places that issue credit cards.

 

I love capitalism. It's the best system there is.

But when wholly unregulated and allowed to run unfettered, the jackals inevitably take their shots -- and those shots are way, WAY out of bounds.

It's easier, of course, when the broad credit-card industry has a number of members of congress deep in the pocket.

Chase IS the Establishment . . . for themselves, first, last and always, and screw you punks.

 

I'll probably end up keeping my Chase card after I accept the higher rate and no fee, and never use it, because it is an established source of credit that will impact my score.

I am with Buckweaver. If you have a good FICO score, I would worry none about closing this credit card. None.

 

I never had too much a problem with my credit cards until last month. A card I've had for a few years jacked up by interest rate 20 percent and the minimum payment more than doubled. I nearly threw up. So, I called and learned that because my August payment was four days late (my only such "late" payment in the entire history of the card), this was justification for the rate increase. I asked, based on my otherwise solid standing, if I could get a rate increase. They agreed to drop it back to my old rate as a "one-time courtesy." Assholes.

While I don't think having a credit card is a terrible thing, I do agree the less you owe, the less you have to put up with this kind of crap.